Several U.S. Senators, including Elizabeth Warren and Bernie Sanders, have raised concerns about the delayed implementation of a proposed tax reporting rule for cryptocurrency brokers. The Senators believe that the delay would violate the requirements of the bipartisan Infrastructure Investment and Jobs Act and result in the loss of billions of dollars in tax revenue.

They estimate that the Treasury and IRS are losing around $50 billion per year in tax revenue from unreported crypto sales, and implementing the proposed rule would help align the crypto industry with other U.S.-based financial industries.

However, the Senators are worried about the final rule that will go into effect in 2026, arguing that the nearly two-year delay in rule issuance undermines Congress's directive set in the 2021 Infrastructure Investment and Jobs Act. Additionally, US Senators Warren and Graham have introduced a bill to align digital assets with AML/CFT frameworks and mitigate national security risks, following letters sent to key banking regulators.